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An exploration of the substance and logic of the evolution of economic theories prevalent in China 1979-88.
An insightful account of the remarkable transition of the Chinese economy from impoverished backwater to economic powerhouse.
The rise of China is no doubt one of the most important events in world economic history since the Industrial Revolution. Mainstream economics, especially the institutional theory of economic development based on a dichotomy of extractive vs. inclusive political institutions, is highly inadequate in explaining China's rise. This book argues that only a radical reinterpretation of the history of the Industrial Revolution and the rise of the West (as incorrectly portrayed by the institutional theory) can fully explain China's growth miracle and why the determined rise of China is unstoppable despite its current 'backward' financial system and political institutions. Conversely, China's spectacular and rapid transformation from an impoverished agrarian society to a formidable industrial superpower sheds considerable light on the fundamental shortcomings of the institutional theory and mainstream 'blackboard' economic models, and provides more-accurate reevaluations of historical episodes such as Africa's enduring poverty trap despite radical political and economic reforms, Latin America's lost decades and frequent debt crises, 19th century Europe's great escape from the Malthusian trap, and the Industrial Revolution itself.
In our quickly changing world, authors who are analyzing the so cial, economic, and political processes going on in different countries often find themselves in a situation where the deve lopment of processes they have already described take a turn in another direction before their work is in final form or appears in print. As a consequence, some of their statements are no lon ger valid. More rarely it occurs that after the writing of a book presenting a reform process covering 10 years (the writing itself taking one and a half years), exceptional events take place in the given country (within 1 or 2 months of the delivery of the manuscript) that indicate a sharp break in this process, one that makes it doubtful whether the process can continue along the same channel. This is what has happened to this text and to its author at the beginning of June, 1989, when in Beijing - after the brutal suppression of student demonstrations and of protests lasting several weeks - the General Secretary of the Communist Party of China, Zhao Ziyang, was relieved of his office and arrested, along with several other prominent repre sentatives of reform policy and reform endeavors of the past decade. The manuscript of this book was handed over to the pub lisher on May 4, 1989, for editing. Immediately thereafter I left for nearly 2 months in the United States; consequently, I did not receive the manuscript again until in early July.
During the period 1949 to 1979, communist China was officially pursuing a policy of self-sufficiency, and the United States and its allies were officially implementing a trade embargo against communist China. However, this book, based on extensive original research, demonstrates that China was highly dependent on Western/Japanese grain imports. The text shows that groups lobbying on behalf of Western/Japanese grain producers and related industries had successfully found ways of by-passing the embargo. This book charts the complicated picture of how economic relations between China, the West and Japan developed in these years.
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
This book is about mutual influences of thinking about economic development in China and in the West, from the 18th century until the present. Its chapters are contributed by development economists and historians of thought from China and other parts of the world. The book describes important stages in the evolution, cross-fertilization and contextual modification of ideas about economic order, development and institutional change. It illustrates how Western concepts and theories have been adopted and adapted to Chinese conditions in different waves of modernization from the late 19th century until the present and that this was and is no one-way traffic. The book describes how pre-classical thinking in the West, in particular French Physiocracy in mid-18th century, was influenced by China as an ideal and a source of ideas, at a time when China was the largest and most advanced economy in the world. It discusses to what extent concepts of Western-style economics, in particular in the fields of development economics and institutional economics, can be used to understand the rapid transitions and developments of the Chinese economy in recent decades, and to what extent they might need to be modified in the light of new experiences and insights. Against this background, several contributions to the volume provide assessments of the current state of economic science and teaching in China, in particular with regard to Chinese views on Western economics. The book should be of interest to those who are interested in economic development and the history of economics in China.